Rivian Automotive, the new automotive technology company attempts to compete with Tesla with its outdoor adventure trucks and SUVs. Suspensefully, its alliance with Amazon to develop 100,000 electric delivery vans could help it succeed.
CNBC reports that Rivian Automotive was established in 2009 and that it specializes in high-end electric trucks and SUVs with a focus on outdoor adventures. They are referred to as the “Patagonia of electric automobiles” by John Rosevear of CNBC.
In hindsight, Rivian’s first vehicle, the R1T electric truck, had only been launched at the end of the previous year. Since then, it has been striving to increase production.
Later this year, the shipment of its SUV R1S is anticipated to begin.
Rivian has made some significant advancements considering how recently it entered the electric vehicle industry. With $700 million from Amazon in 2019 and $500 million from Ford a few months later, Rivian has received significant financial support. At first, Rivian and Ford wanted to build a vehicle together under a joint venture, but they eventually dropped those plans.
Nonetheless, the partnership with Amazon has advanced with the purchase of 100,000 electric delivery vans, a notable step toward its goal of electrifying its last-mile fleet by 2040.
In November 2021, Rivian made one of the biggest initial public offerings (IPOs) in US history. However, the unstable economy has overshadowed its tremendous developments. Luckily for the company, Amazon seems to be constantly providing them an edge in the market.
“When Amazon invested in them…but more importantly, put a commitment to buy all of those vehicles from them, they changed the market dynamic around that company,” said Mike Ramsey, an auto and smart mobility analyst at Gartner.
Rivian and Amazon unveiled the first of the electric vans last month and started to deliver packages in several cities, including Seattle, Baltimore, Chicago, and Phoenix.